HOW CAN BRANDS CONNECT WITH INCREASINGLY DIGITAL CONSUMERS IN THE AGE OF PRIVACY?
Although many brands are juggling with short-term survival and uncertainty, to thrive in the medium and longer term, marketers need to understand how to connect with increasingly digital consumers, who are also guarding their online data and privacy more than ever before.
Digital consumers in the age of privacy?
Which steps should the modern Digital marketer take to find customers and turn them into brand loyalists?
The starting point is to recognize today’s ‘privacy paradox’. Digital natives demand increased privacy, complemented by true personalization; the right to have data forgotten, as well as bespoke offers and services. Recent global research from Econsultancy in association with Cheetah Digital has revealed that the third-party cookie is finally crumbling, with only a third of consumers happy to have their online activity tracked to deliver offers and content.
So, brands must be respectful and transparent about their consumer data usage. Why is it being requested and how will it be used?
Digital consumers in the age of privacy?An introduction to the third-party cookie crackdown
In addition, marketers should buy into a ‘value exchange’ approach – delivering more personalized content and the improved experiences demanded by today’s consumers in exchange for being able to understand them better via data-sharing. The research carried out by Econsultancy and Cheetah Digital found that almost half of consumers will openly share data in return for services, offers, and personalized content.
Once consumers are sharing this ‘zero party’ data in return for a more personalized experience, marketers can combine it with first-party observations of their behavior and preferences from the brand’s website and apps. Both sets of insights can be used to build highly refined customer segments for more targeted messaging.
When it comes to driving sales, targeted email beats banner ads, social media native apps and organic posts by up to %, according to the EconsultancyCheetah Digital research, with almost three-quarters of U.S consumers reporting they’d purchased a product directly as a result of an email they received.
Today’s consumers won’t be satisfied with generic points-win-prizes incentives and money-off offers. Marketers instead need to base loyalty around making customers feel they are respected and understood by a brand that offers exceptional experiences.
The research by Econsultancy and Cheetah Digital has revealed that a full two-thirds of consumers are prepared to pay more or wait longer to purchase from a preferred brand if they receive loyalty rewards, discounts, and personalization.
The ultimate goal is to turn emotional loyalty into a sales-driving advocacy. Marketers should encourage loyal customers to submit reviews and share their experiences on social media. A VIP club is a good idea to reward top customers with exclusive benefits and also encourages them to spend more to get access to perks and privileges.
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